HomeMy WebLinkAboutNo. 0226 approving/providing execution of proposed loan and capital grant contract, Contract No. IND R-56(LG), establishing a project expenditures account with respect to said project and other purposes,—
RESOLUTION NO. 226
ESOLUTION APPROVING AND PROVIDING FOR THE EXECUTION OF A
ROPOSED LOAN AND CAPITAL GRANT CONTRACT, NUMBERED CONTRACT
0. IND. R- 56(LG), BETWEEN THE CITY OF SOUTH BEND, DEPARTMENT
F REDEVELOPMENT AND THE UNITED STATES OF AMERICA, PERTAINING
0 A CERTAIN PROJECT DESIGNATED PROJECT NO. IND. R -56, AND
STABLISHING A PROJECT EXPENDITURES ACCOUNT WITH RESPECT TO
AID PROJECT, AND FOR OTHER PURPOSES
WHERE S, under Title I of the Housing Act of 1949, as amended, the United
States of America (herein called the "Government ") has tendered to the City
of South Bend, Department of Redevelopment (herein called the "Local Public
Agency ") a proposed Loan and Capital Grant Contract under which the Govern-
ment agrees to make a Project Temporary Loan, a Project Definitive Loan,
and a Proj ct Capital Grant to the Local Public Agency to aid in financing
an urban newal project, designated Project No. IND. R -56, in the urban
renewal a a described therein; and
WHEREAz the Local Public Agency has given due consideration to said
proposed C ntract; and
WHEREO the Local Public Agency is duly authorized, under and pursuant to
the Consti ution and laws of the State of Indiana to undertake and carry out said
Project ano to execute such proposed Contract; and
WHEREA
that, with
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of the Cit
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respects a
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under said proposed Contract it is required, among other things,
respect to said Project, the Local Public Agency shall promptly
maintain in a bank or banks which are members of the Federal Deposit
orporation, a separate and special fund designated "Project Expendi-
nt; Project No. IND. R -56 ", into which shall be deposited certain
ibed in said proposed Contract; provided however, that the Local
cy may establish a "Consolidated Bank Account ", and maintain separate
books of account for each project.
ESOLVED BY the South Bend Redevelopment Commission, governing body
of South Bend, Department of Redevelopment as follows:
1. The proposed Contract, designated "Loan and Capital Grant
o`ntract No. IND. R- 56(LG) ", consisting of Parts I and II, under and
the provisions, terms, and conditions of which the Government will
ect Temporary Loan, a Project Definitive Loan, and a Project Capital
Title I of the Housing Act of 1949, as amended, to the Local Public
id in financing an urban renewal project, designated Project
56, situated in the City of South Bend, Indiana, is hereby in all
proved.
2. The President is hereby authorized and directed to execute
a Contract in two counterparts on behalf of the Local Public Agency,
etary is hereby authorized and directed to impress and attest the
1 of the Local Public Agency on each such counterpart and the
rector is hereby authorized and directed, to forward such counterparts
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to the Department of Housing and Urban Development, together with such other
documents relative to the approval and execution thereof as may be required
by the Government.
Section 3. The Local Public Agency agrees to abide by all of the pro-
visions, terms, and conditions of said Contract.
Section 4. With respect to this Project of the Local Public Agency,
designate roject No. IND. R -56, there is hereby established a special
fund, designated "Project Expenditures Account; Project No. IND. R -5611,
which shall be maintained as a part of the "Consolidated Project Expenditures
Account" in a bank or banks which are members of the Federal Deposit Insurance
Corporati n. All funds which, by the terms of the Loan and Capital Grant
Contract, are required to be deposited in said Account shall be promptly
deposited therein.
Section 5. This Resolution shall take effect immediately.
Sectic
Comnissior
Avenue, St
1 6. Adopted at a regular meeting of the South Bend Redevelopment
on July 18, 1968, at the office of the Commission, 120 West LaSalle
ite 1001, South Bend, Indiana.
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